1 Jul 2010 12:04

Hubei raises retail gas prices

Shanghai. July 1. INTERFAX-CHINA - China's central Hubei Province raised its retail gas prices on July 1 by an average of RMB 0.3855 ($0.048) per cubic meter, local state media reported on June 30.

According to Hubei Daily, the Hubei Pricing Bureau estimated that the hike will increase the province's fuel costs by around RMB 450 million ($56.25 million).

Beginning July 1, Hubei's industrial and commercial gas prices will stand at RMB 3 ($0.375) and RMB 3.675 ($0.46) per cubic meter, respectively. The price of congressed natural gas (CNG) will be raised from RMB 3.35 ($0.42) to RMB 4.5 ($0.56) per cubic meter.

Residential gas prices will not be increased, the report said.

Hubei is the second region to raise its retail gas prices after Shanghai did so following the National Development and Reform Commission's decision to increase the ex-work natural gas price on June 1.